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Old 01-24-2014, 11:01 AM   #32
mahal
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Join Date: May 2010
Posts: 651
Quote:
Originally Posted by boatpoker View Post
I do third party appraisals on repossessed boats for all the banks here in Ontario. That part of my business has been booming for the last five years.
All those people buying boats that they could not pay cash for have contributed greatly to my income .... keep it up
Don't hold your breath. I own my boat free and clear, but I may finance my next boat if at that time my ROI is still greater than the interest on boat loans. And it will not be repossessed because the loan will be just a small fraction of what I have. If for some reason the bank calls the loan, I'll pay it off. No need to be sleepless about it. Not all people that finance boats are irresponsible. I know many boaters and have never heard of any of them losing their boats to the bank. I'm sure it happens, but to a small percentage of borrowers. Boating should be a hobby for those with a decent amount of disposable income already and not for those that push the limit and live beyond their means. I believe in being pragmatic when shopping for a boat and one should also be pragmatic in deciding how to pay for it. There is no one answer.
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